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It Gets Ugly in Catalonia
It Gets Ugly in Catalonia Spain’s “ships of repression” are coming to help out. Madrid’s crackdown on Catalonia is already having one major consequence, presumably unintended: many Catalans who were until recently staunchly opposed to the idea of national independence are now reconsidering their options. A case in point: At last night’s demonstration, spread across […]
Spain’s New Big Bubble Begins to Wobble
Spain’s New Big Bubble Begins to Wobble Tourism is now bigger than construction was during the real estate bubble. Since hitting rock bottom in 2013, Spain has been one of the biggest engines of economic growth in Europe, expanding at around 3% per year. But according to a report by the Bank of Spain, most […]
Volatility in Housing: What Surges & Crashes the Most?
Volatility in Housing: What Surges & Crashes the Most? It depends on the value of the home. What happens to home prices during the current housing boom and the next housing bust depends to some degree on whether the home is relatively “affordable” — whatever that means at today’s prices — or more expensive. This […]
Many European Banks Would Collapse Without Regulators’ Help: Fitch
Many European Banks Would Collapse Without Regulators’ Help: Fitch Only two things keep these banks alive: “a State willing to support them and a regulator that does not declare them insolvent.” Dozens of Greek, Italian, Spanish and even German lenders have volumes of troubled assets higher or similar to that of Spain’s fallen lender Banco […]
Two Italian Zombie Banks Toppled Friday Night
Two Italian Zombie Banks Toppled Friday Night ECB shuts down Veneto Banca and Banca Popolare di Vicenza. When banks fail and regulators decide to liquidate them, it happens on Friday evening so that there is a weekend to clean up the mess. And this is what happened in Italy – with two banks! It’s over […]
Are 100-Year Mortgages Next? Effects of Negative Real Interest Rates on Nordic Housing Bubble
Are 100-Year Mortgages Next? Effects of Negative Real Interest Rates on Nordic Housing Bubble Wage Growth vs. Housing Price Growth By Nick Kamran, an American living in Oslo, Letters from Norway: Historically, central banks throughout Europe had one mandate: price stability. They did not worry about employment or economic growth, only currency integrity. Setting interest rates […]
It’s Time We Talked About Our Owners
It’s Time We Talked About Our Owners How vast asset managers impact “our increasingly cartelized economy.” The world’s biggest asset manager, BlackRock, was splashed across the front pages of the Spanish financial news yesterday. The firm had just raised raised its stake in Spain’s telecoms giant Telefónica to 336 million shares — the equivalent of 6.7% of […]
Why I Think there Will Be a “Dollar Panic”
Why I Think there Will Be a “Dollar Panic” The Great American Credit Collapse Please remember this warning when you go to the ATM to get cash — and there is none. While we were thinking about what was really going on with today’s strange new money system, a startling thought occurred to us. Our financial system could […]
With Impeccable Timing, ‘Economic Miracle’ in Spain Unravels
With Impeccable Timing, ‘Economic Miracle’ in Spain Unravels The European Union on the verge. Since the granddaddy of all housing bubbles popped in Spain between 2008 and 2009, unleashing one of the deepest recessions in living memory, the nation’s public debt has more than doubled, from just over 40% of GDP to almost exactly 100% […]
“Are We Prepared to Impose Temporary Debt Standstills?”
“Are We Prepared to Impose Temporary Debt Standstills?” In a remarkable turnaround, foreign investors are estimated to have pumped over $35 billion into emerging market (EM) stocks and bonds in March, the highest monthly inflow in nearly two years, according to the Institute of International Finance. One of the biggest beneficiaries is Latin America, which […]
Emerging Market Meltdown Sinks Spain’s Biggest Companies
Emerging Market Meltdown Sinks Spain’s Biggest Companies A Lethal Cocktail After years of uninterrupted domination, the old guard at Spain’s Ibex 35 stock index – two mega-banks Banco Santander and BBVA, oil giant Repsol, telecommunications behemoth Telefonica, and utility Iberdrola – is beginning to lose it. Today the big-five’s combined capitalization represents 45% of the ibex 35’s total capitalization. This may […]
“Pretty Soon We Have to Start Labeling this a Depression”: Goldman Sachs on Brazil
“Pretty Soon We Have to Start Labeling this a Depression”: Goldman Sachs on Brazil It Just Keeps Getting Worse and Worse Brazil, the largest economy in Latin America, now the 8th largest in the world, down from 6th place during the glorious BRICs days of 2011, is sinking deeper and deeper into trouble. An epic […]
Is the Troika About to Lose Control of South-Western Europe?
Is the Troika About to Lose Control of South-Western Europe? The Price of “Austerity” Passos Coelho, who was until Tuesday Prime Minister of Portugal, knew “what to do.” After signing along the dotted line for a €78 billion bailout he embraced the Troika’s austerity agenda with abandon. Public spending was slashed, taxes were hiked, wages […]
Saudi, US Oil Inventories Hit Record High as Demand Fizzles
Saudi, US Oil Inventories Hit Record High as Demand Fizzles The amount of oil in storage globally, not including the various “strategic petroleum reserves” in the US, China, Europe, Japan, and other locations, has grown to staggering proportions this year, as oversupply drowns out tepid demand. In the US, oil storage is seasonal. A big […]
Macau’s Economy Blows Up
Macau’s Economy Blows Up China’s crackdown on corruption, or at least the ostentatious display of the spoils of corruption, and its selective hunt for corrupt officials, which to some observers resembles a political purge, may or may not tamp down on actual corruption, which is what greases the wheels in the Chinese economy. But it’s […]
